Over the last few years, APIs have become particularly significant to banking institutions and fintech organizations. APIs provide better means to share data, integrate with systems, and personalise services, making financial services quick and efficient.
A virtual account API can help institutions and businesses collect payments smarter in many ways such as:
- Fee Collection For Educational Institutions
Collection of fees via traditional banking methods have always presented a major challenge, administratively speaking. However, with the use of a virtual bank account API, fee collection can be easily automated. Each student is simply assigned a unique virtual bank account number and any payment made via that channel is easily reconciled.
- Seamless B2B Transactions
Virtual bank account APIs can be used to automate the process of paying suppliers and develop flexible solutions across industries. Virtual bank account numbers are assigned to each of your retailers and/or suppliers, and every time funds are transferred to your account, get notified instantly. Virtual bank account APIs help streamline the payment process.